Early Retirement Plan

1. Purpose.  The University of Richmond(the "University") has established an Early Retirement Plan(the "Plan") as an opportunity for certain eligible Staff Employees to relinquish their positions in exchange for certain benefits from the University. The benefit consists of two parts: 1) certain perquisites associated with active employment status as described in Section 6 below; and 2) medical benefits as described in section 5 below.  No benefits are available under the Plan except as specifically provided by the terms of the Plan.

2. Definitions.  The following definitions apply to the Plan:

     a)  An employee's "Effective Date" is the date specified in the employee's written and signed election form and approved by the Department of Human Resource Services. In general, the Effective Date will be sixty(60) or more calendar days from the date the form is submitted,  The determination of the Effective Date by the Associate Vice President of Human Resource Services is, however, binding and final.

     b) "Years of Employment" are the number of years in which the Staff Employee has been actively employed as a Part-Time Employee or Full-Time Employee by the University.  Work as a Casual or Temporary Employee for the University will not be included in this definition.  For purposes of computing an employee's Years of Employment, a period during which the employee is absent on an Approved Paid Leave of Absence will be included when calculating Years of Employment.  A period during which the employee is absent on an Approved Unpaid Leave of Absence is not considered service with the University for purposes of calculating Years of Employment.  While part-time work may count toward the total number of Years of Employment, it is required that the employee serve the consecutive 10-year period immediately preceding his/her Effective Date as a Full-Time Employee.  The University shall have discretion in determining a Staff Employee's Years of Employment and its determination and interpretations shall be final and binding.              

Notwithstanding any provisions of this Plan to the contrary, service with respect to qualified military service will be administered in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994 and the special rules relating to veterans' reemployment rights under Internal Revenue Code Section 414(u).  Accordingly, an Approved Unpaid Leave of Absence for qualified military service will be deemed service with the University for purposes of calculating Years of Employment.

     c) A "Staff Employee" is an employee whose primary job responsibilities are in the areas of administrative/management support, librarians, clerical support, service/maintenance support and dining service operations.  An employee who is a member of the teaching faculty is not eligible for the Plan.  The University shall have discretion in determining if an employee qualifies as a Staff Employee and its determination shall be final and binding.

     d)  A "Full-Time Employee" is an employee who is scheduled to work between 38.75 and 40 hours per week for a period of no less than nine months per year, or 30 hours per week for the full 12 months.

     e)  A "Part-Time Employee" is an employee who is regularly scheduled to work less than 1,511 hours per year.

     f)  A "Temporary or Casual Employee" is an employee who works on an "as needed" basis for a specific project or a limited duration of time and whose weekly hours can vary.

     g)  The employee's "Age" is defined as his/her age rounded down to the nearest whole year.  Partial years do not count.

     h)  "Paid Work" is work for which the employee receives compensation from the University and includes time actually worked, vacation time, sick leave, holidays, bonus vacation and funeral leave.

     i)  "Approved Paid Leave of Absence" is leave time for which the employee is paid by the University and includes vacation, holiday, sick leave, or funeral leave.

     j)  "Approved Unpaid Leave of Absence" is a period during which the employee is excused from work by the University and for which the employee receives no compensation.

     k)  A "Break in Service" occurs when an employee terminates from University employment.

3.  Eligibility.  To be eligible to elect to retire early under the Plan, an employee must be a Full-Time Staff Employee of the University, between the Ages of 60 and 65 on his or her Effective Date.  In addition, the employee's combined Age and Years of Employment must equal or exceed a total of 80 by his/her Effective Date.  Should an employee incur a Break in Service and return to the University employment, he or she may qualify for the Plan.  However, upon his/her return to the University, the employee must, in this instance, work a minimum of 10 years of consecutive and continuous full-time paid employment immediately preceding his/her Effective Date to be eligible.

Notwithstanding the forgoing, an Approved Unpaid Leave of Absence for qualified military service will be deemed service with the University for purposes of eligibility and included in the 10 years of consecutive and continuous full-time paid employment requirement.

Notwithstanding the forgoing, if an employee takes on or more Approved Unpaid Leave of Absence for qualified family and medical leave during the 10 year period immediately prior to his/her Effective Date, such leave will not be considered a break in consecutive and continuous full-time paid employment.  However, periods of time during which an employee is on an Approved Unpaid Leave of Absence for qualified family and medical leave will not count toward the 10 years of consecutive and continuous full-time paid employment requirement.

4. Elections.  A Staff Employee who wishes to retire early under the Plan must elect to relinquish his or her position and work responsibilities in exchange for benefits under the Plan.  Unless otherwise provided, all elections shall become irrevocable seven(7) days after they are made.  An election shall be made by submitting a written election to Human Resource Services using the form attached to the Plan, which includes a General Release.  An eligible Staff Employee must provide 60 days' notice to relinquish his/her position, unless shorter notice is acceptable to the University and approved by the Associate Vice President of Human Resource Services.  The 60-day notice period will commence when the election form is stamped as received in the Department of Human Resources, not when the election form is signed by the employee.